Canada Pension Plan Investment Board Trims Stock Holdings in Exact Sciences Co. (NASDAQ:EXAS)

Canada Pension Plan Investment Board cut its holdings in shares of Exact Sciences Co. (NASDAQ:EXAS) by 57.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 97,300 shares of the medical research company’s stock after selling 129,900 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.05% of Exact Sciences worth $4,111,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in EXAS. XTX Topco Ltd grew its position in shares of Exact Sciences by 250.6% during the second quarter. XTX Topco Ltd now owns 26,109 shares of the medical research company’s stock worth $1,103,000 after buying an additional 18,662 shares in the last quarter. Blair William & Co. IL boosted its stake in Exact Sciences by 28.8% during the 2nd quarter. Blair William & Co. IL now owns 446,686 shares of the medical research company’s stock valued at $18,872,000 after acquiring an additional 99,817 shares during the last quarter. Amalgamated Bank grew its holdings in Exact Sciences by 2.7% during the 2nd quarter. Amalgamated Bank now owns 10,937 shares of the medical research company’s stock worth $462,000 after acquiring an additional 284 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its position in shares of Exact Sciences by 12.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 32,081 shares of the medical research company’s stock worth $1,358,000 after purchasing an additional 3,674 shares during the last quarter. Finally, E Fund Management Co. Ltd. raised its stake in shares of Exact Sciences by 272.4% in the 2nd quarter. E Fund Management Co. Ltd. now owns 26,879 shares of the medical research company’s stock valued at $1,136,000 after purchasing an additional 19,661 shares in the last quarter. 88.82% of the stock is owned by institutional investors and hedge funds.

Exact Sciences Stock Performance

EXAS stock opened at $67.77 on Thursday. The company has a 50-day simple moving average of $58.53 and a 200 day simple moving average of $56.04. The company has a market capitalization of $12.52 billion, a P/E ratio of -51.34 and a beta of 1.26. The company has a quick ratio of 1.98, a current ratio of 2.17 and a debt-to-equity ratio of 0.73. Exact Sciences Co. has a fifty-two week low of $40.62 and a fifty-two week high of $79.62.

Exact Sciences (NASDAQ:EXAS) last posted its quarterly earnings data on Wednesday, July 31st. The medical research company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.28. Exact Sciences had a negative net margin of 6.70% and a negative return on equity of 4.97%. The business had revenue of $699.26 million during the quarter, compared to analysts’ expectations of $690.02 million. During the same period last year, the firm posted ($0.45) earnings per share. The business’s revenue was up 12.4% on a year-over-year basis. Sell-side analysts predict that Exact Sciences Co. will post -0.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

EXAS has been the subject of several research reports. Scotiabank assumed coverage on Exact Sciences in a research report on Thursday, June 27th. They issued a “sector outperform” rating and a $70.00 target price for the company. Canaccord Genuity Group restated a “buy” rating and issued a $75.00 price target on shares of Exact Sciences in a research report on Friday, September 13th. BTIG Research lowered their price objective on shares of Exact Sciences from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Benchmark cut their target price on shares of Exact Sciences from $91.00 to $67.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Finally, Wells Fargo & Company started coverage on Exact Sciences in a report on Tuesday, August 27th. They set an “overweight” rating and a $75.00 target price for the company. One investment analyst has rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, Exact Sciences currently has a consensus rating of “Moderate Buy” and an average target price of $78.14.

Insider Buying and Selling at Exact Sciences

In other news, EVP Brian Baranick sold 929 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $70.00, for a total value of $65,030.00. Following the completion of the sale, the executive vice president now owns 13,687 shares in the company, valued at $958,090. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.36% of the stock is currently owned by corporate insiders.

Exact Sciences Company Profile

Exact Sciences Corporation provides cancer screening and diagnostic test products in the United States and internationally. The company offers Cologuard, a non-invasive stool-based DNA screening test to detect DNA and hemoglobin biomarkers associated with colorectal cancer and pre-cancer. It also provides Oncotype DX Breast Recurrence Score Test; Oncotype DX Breast DCIS Score Test; Oncotype DX Colon Recurrence Score Test; OncoExTra Test for tumor profiling for patients with advanced, metastatic, refractory, relapsed, or recurrent cancer; and Covid-19 testing services.